Business owners have launched another salvo of criticism at the King St. streetcar priority project, this time backed by a transit expert who says the pilot isn’t working as well as advertised.A review authored by Ryerson University professor Murtaza Haider and released Monday by the Ontario Restaurant Hotel & Motel Association (ORHMA) contends the project’s effect on streetcar travel times has been minimal, and the ridership increase observed on the route may have been achievable without reconfiguring King.“I believe leadership needs to look at it and make decisions accordingly,” ORHMA president Tony Elenis said of Haider’s analysis.“(The pilot’s) not working, and that’s coming from an expert.”In a statement, the TTC stood by its assessment that the pilot appears to be achieving its goals.“We have both the numbers — improved travel times and reliability, and increased ridership — and the anecdotal feedback from our customers to call the pilot a success to this point,” the transit agency said.The city launched the one-year pilot in November with the aim of improving transit service on King, the TTC’s busiest surface route. The project restricts the movement of private automobiles on King between Bathurst and Jarvis Sts. All on-street parking spaces have been removed, and traffic restrictions direct drivers to turn right off King at most major intersections.Since it went into effect some businesses, particularly restaurants in the theatre district, have complained it’s driving away customers.In his 11-page review, Haider analyzed data published by the city about the pilot’s performance in January and February. He noted during the morning rush hour, average eastbound streetcar travel times in the pilot area have actually increased slightly, to 15.9 minutes from 15.3 minutes.In the afternoon and evening rush hour, travel times have decreased by more than two minutes.“We conclude that the average transit travel time savings are modest at best,” Haider wrote. “Furthermore, one fails to see any meaningful improvement... in the morning peak hours.”According to city data, all-day weekday ridership on King has increased by 16 per cent, and during some periods it’s risen by as much as 27 per cent. Roughly 84,000 people a day now take transit on the street.Haider’s review argues the higher numbers of people taking streetcars on King isn’t necessarily attributable to the pilot, because the TTC has added vehicles to the route since the project began. He asserts the transit agency should have added vehicles before the pilot started to determine whether that alone could have attracted more riders.The TTC dismissed Haider’s contention as “speculative at best.”In the early days of the project, streetcars “were crowded and there were lines at many stops,” the agency said. “Vehicles were added so that the increased demand we saw almost immediately could be addressed.”Councillor Joe Cressy (Ward 20, Trinity-Spadina), who represents the King theatre district, conceded the improvements to streetcar travel times “are not yet where we want them to be,” but argued they would get better as the TTC brings more of its new larger streetcars onto the route.Cressy also pointed out streetcar service on King has become more reliable. According to the city data, 85 per cent of westbound streetcars during the morning rush hour arrive within four minutes. Before the pilot only 77 per cent arrived in that time. The duration of the longest trips, which take place in the afternoon peak, have been slashed by between four and five minutes.“Adding streetcars in a congested street doesn’t improve reliability. Improving the flow of the street, by virtue of the pilot, improves reliability,” said Cressy, who has been a vocal supporter of the pilot.In a release accompanying the review, more than 50 businesses reiterated calls for the city to make significant changes to the pilot, including lifting its traffic restrictions between 7 p.m. and 7 a.m. on weekdays and exempting taxis from the new turning rules at all times.The city’s general manager for transportation, Barbara Gray, said the city has no plans to loosen the restrictions, but the city is monitoring the pilot and will make smaller modifications over time.

NewsMarch 19, 2018 -- In an effort to amalgamate its three existing sign by-laws into one consolidated municipal regulation, the City of Vaughan initiated a comprehensive sign by-law review last year. As part of the consultation process, TREB met with city staff to provide input related to real estate signs, specifically, open house signs, to ensure the interests of our Members were protected.Overcrowding of open house real estate signs on weekends is an issue of concern for the City of Vaughan. At present, registrants are restricted to displaying three signs per open house. In instances where REALTORS® are showing several properties in one area, it may appear that they are using more signs than permitted. To clearly identify instances where a prohibited number of signs are being used, the City noted that city staff and real estate stakeholders both suggested including the address of the property on the signage. Therefore, all Members operating in the City of Vaughan need to be aware that, moving forward, the City will require real estate open house signs to include the address of the corresponding property, similar to the City of Toronto. View the report for full Phase One details.The by-law is currently being updated to reflect the approved Phase One changes, which should take effect in late March 2018. The City is currently in Phase Two of the review, which is considering longer-term changes, such as opportunities for advertising using permanent signage and on developing guidelines to support consistent decision-making.

Toronto developers had one of their busiest months on record in February in another sign the condo market is alive and well in Canada’s biggest real estate market, even amid a broader slowdown.Builders began work on 5,677 units during the month, most of them multiple-unit projects like condos, the Canada Mortgage and Housing Corp. said Thursday in Ottawa. That’s the strongest February, and the sixth-highest figure for any month, in records back to 1948.

The bulk of Toronto condo units are typically sold before construction begins, so the latest surge may simply reflect past sales. But the report also suggests developers are betting the condo market will be less affected by headwinds including higher borrowing costs and tighter mortgage qualification rules that are currently hitting Toronto housing.“It’s probably lagging a little bit. Historically you tend to see supply follow demand,” said Robert Kavcic, an economist at Bank of Montreal. “The other nuance here is that a lot of the policy changes we’ve seen over the last year, they really had a bigger impact on the higher end of the single detached housing market.”Adjusting for seasonality -- construction tends to slow during winter months in Canada -- February was the strongest month on record in data back to 1990.

Construction is picking up in Toronto just as sales begin to slide, after various levels of government and regulators took measures to curb surging prices. Most recently, tougher mortgage guidelines came into play on Jan. 1, making it harder for prospective buyers to qualify for loans. Many buyers rushed into the market in December to get ahead of the rules.

Condo Gains

Transactions fell 35 percent in February from a year earlier to 5,175 units, according to data released Tuesday by the Toronto Real Estate Board. It was the weakest February for sales since 2009.Prices are holding up better, particularly in the condo segment, which has gained consistently over the past year and is up 20 percent since last February. Prices for single-detached homes have fallen 12 percent since reaching a record last year.Fundamentals that favor condos seem to be at work, as rising immigration levels drive demand. And since the net effect of the new regulations is to limit the size of mortgage credit, the tougher rules may be buoying the less-expensive condo market.

“Almost all of the new activity in February at least has been in the mid-range, condo sector,” Kavcic said. “The underlying demographic in labor market and housing demand trends in that segment of the market are still strong.”

Samantha Brookes, CEO and founder of Mortgages of Canada, says that even though B-20 has made securing mortgages more difficult, it’s by no means an insurmountable task.

One reason is that the days of bidding for single-family detached houses is a thing of the past in Toronto. While the condo market has taken off, largely because B-20 has reduced affordability, the single-family market has skewed in favour of buyers.

“I’ve been telling my clients to look for homes that have been sitting on the market for a while, because those people are willing to negotiate the price point because they need to get rid of the home,” said Brookes. “There’s more leverage if the house has been sitting for a while. Gone are the days of bidding wars.”

Paramount, however, is ensuring house hunters get preapproval first. Brookes says too many of her clients are approaching home buying the way they would have prior to January 1.

“Just make sure you get the new preapproval under the new stress test rules,” she said. “Use a bank or broker who’s doing an official preapproval. There’s a pre-qualifier and a preapproval, which is when you look at income documents up front, so submit them all up front during the preapproval process because a lot of people are missing that. They go to the bank and only get pre-qualified and they can’t actually afford the home because the bank didn’t look at all the income documents up front.”

Clients who enter into agreements to purchase a home they subsequently realize they cannot afford—because they didn’t get preapproved—are susceptible to lawsuits.

“You’re liable and you’ll lose your deposit. Even the realtor can get sued. If the seller sells to someone else for less you’ll have to pay for the difference,” she said. “You don’t walk into a grocery store without knowing how much money’s in your wallet, so don’t buy a half-million dollar house without knowing whether or not you can afford it.”Brookes also suggests clients who don’t qualify for their dream home with a chartered bank can go to the alternative channel. While it will be more costly, stretching amortization can reduce the monthly payments.

“We can extend amortization up to 30 years, which drops the mortgage payment. Even if the interest payment is higher, if we consolidate all their debt into a refinance, you can save up to $2,000 a month.”

Buying or selling a house is an exciting and stressful time. An educational video produced by the Law Society of Upper Canada shows how lawyers can help you protect your interests in a real estate transaction.

Fraud can affect any type of property, whether real estate, monetary investments or items you buy like paintings. There are several types of real estate fraud:

Stealing title: when the crook changes the ownership or title of your property into his/her name. The crook may intend to sell the property or mortgage it behind your back. In either case, the criminal is fraudulently impersonating you and/or forging your signature.

Obtaining an illegal mortgage: when the criminal leaves title or ownership in your name, but puts a mortgage on it illegally. Once again, you (and the lender under the mortgage) are the victim of an impersonator and/or forger.

Value fraud: where you are tricked into believing the property is worth considerably more than it is. Remember that there is nothing necessarily illegal in Canada about buying low and selling high, unless it involves fraudulent concealment or intentional misrepresentation (such as giving you a forged appraisal or fraudulent "comparables".)

Why is real estate fraud happening?

Real estate fraud is a continent-wide, if not global, phenomenon. So, there is nothing unique about Canada that is making our properties vulnerable to it.It is likely related to the upsurge in identity theft, which is reported regularly in the media. As population centres have grown in North America and people have become more mobile, those involved in the real estate industry (such as sales agents, mortgage brokers, lenders and lawyers) are less likely to know all of their clients on a long-term basis. When towns were small and everyone knew each other, it was pretty difficult to impersonate a local landowner to steal title!

These developments are compounded by the rise of the Internet, which makes obtaining a mortgage loan, for example, more convenient while (to some extent) de-personalizing the process.How does TitlePLUS insurance help?

TitlePLUS insurance can help in two settings: when you are first buying your home or through our OwnerEXPRESSÂ® program if you already own a home (and do not yet have a title insurance policy).The TitlePLUS policy provides coverage:

for frauds that may have occurred prior to your purchase (for example, if it turns out that the vendor does not really have the right to sell the property to you), and

if your property becomes a target of fraud at a later date. This is part of the post-Policy Date protection in the TitlePLUS policy.

There is also a "duty to defend" in the policy, which means that it is our problem, not yours, if someone must contact the government to request that title be restored to your name in the official records. Please refer to the TitlePLUS policy for full details, including actual terms and conditions.However, please remember that at the end of the day, insurance is about indemnifying you with money for a loss. If a Court ever ruled that someone else now owned the property, all we could do is pay your loss: We can't tell the Court what to do with your property, just ask properly on your behalf by following legal procedures!What else can I do to protect myself?While having TitlePLUS insurance will give you peace of mind, isn't it better to avoid becoming a victim of real estate fraud in the first place? We completely agree, but there are no guarantees.A prudent homeowner or buyer, however, will remember the following:

Don't leave personal and confidential documentation where others can find it, especially if you have people coming into your home when you are not there to supervise. This is especially true if you are renting the property to tenants or giving access to others to "watch" it when you are away for an extended period of time.

But do nevertheless leave someone responsible and trusted in charge when you are away. You don't want to return from an extended absence to discover that your house has been listed for sale, with a sign on the front lawn and open house events, and is now occupied by a stranger who bought it in good faith.

Check your credit reports regularly to see if there have been any inquiries that you do not understand. If the fraudster is impersonating you, a prospective mortgage lender will likely have requested a credit report. Instructions on checking your credit reports are available at www.equifax.com or https://www.transunion.ca/.

Be available, visible and known to your neighbours. Although many of us prefer unlisted phone numbers, it does hinder a really prudent lender or other real estate professional being able to call your address to verify that you are undertaking a transaction on the property. And you certainly want to be available for that call if you aren't moving or arranging a new mortgage! If your neighbours know that you are happy in your home and not looking to move, they may tip you off if they see an appraiser or a surveyor working on the property while you are at work.

Check references for tenants carefully. If they offer you a deal (like all cash in advance) that sounds "too good to be true," it likely is!

That same maxim, about things which sound too good to be true, also applies if you are in financial trouble and someone approaches you with a miraculous solution. Have it carefully checked out by an independent lawyer, acting for you alone, because sometimes these amazing solutions involve transferring your title to your new best friend and then that person does not deliver on the promised solution.

Never buy a property sight unseen, no matter how good the price you are offered.

Never sign documents you have not had a chance to read. Never hesitate about insisting that you have the opportunity to take documents to an independent lawyer. High pressure and rushed timeframes are the fraudster's best tools.

Pick reputable, reliable consultants when you are conducting real estate transactions. You don't want to become a target because a less than honest real estate industry insider now knows your circumstances. Ask family and friends for referrals. You probably don't choose your hairdresser or barber just because he/she is the cheapest in town - why would you choose a real estate agent or lawyer that way?

A Power of Attorney is a very powerful document. Think extremely carefully before you give someone authority over all your assets. You must trust that person 100%! If you know that you will be unavailable for a specific transaction, your lawyer can prepare a narrower document for that deal alone that will mean your overall financial well-being is less at risk.

Am I a fraudster? Could I be guilty?

The penalties for fraud are very serious. The Canadian Criminal Code has many sections that can be used to prosecute alleged fraudsters.It should be perfectly obvious by now that forging a real estate document to take someone else's title or applying for a mortgage on property you don't really own is a big "no-no." But are there other ways you can get into trouble? While this is not intended to be legal advice, and you should always talk to your own lawyer about your specific circumstances, bear in mind the following "tips" from some of us who deal with the fraud fallout in our community.Don't be a "front" or "straw buyer" for a transaction. If it isn't really your deal or your property, don't get involved, even if you are offered a big fee for letting your name and/or credit history be used. Ask an independent lawyer for advice, if you are really tempted. Similarly, don't lend your personal identification to anyone else.Don't mislead your lender. Answer the questions on the loan application with scrupulous truthfulness. Be sure the employment and financial information you give your lender are completely true and update the lender if the information changes before the deal is completed.Make sure the lender (not just the mortgage broker) understands the true purchase price for your property and all the terms of the deal. Offer the lender and your lawyer ALL the paperwork you have on the transaction and let them choose what they need to keep. Tell your lawyer anything that the real estate agent, mortgage broker or lender said that you found odd or disquieting. You will be more comfortable doing that if your lawyer is truly someone of your own choosing.No matter how frustrating your matrimonial situation may be, stay patient and let the lawyers work out the property details. What you may consider a justified self-help remedy involving a transfer of, or mortgage on, your home may be viewed most unfavourably by the police if there has been any forgery, impersonation or misrepresentation of your spouse's position. Always be truthful with your lender and lawyer about your matrimonial status.If someone has entrusted you with a Power of Attorney, be sure you understand fully the circumstances in which the "donor" (that is, the person who is giving you power over the assets) expects you to use it. You are legally required to use it only in the best interests of the donor. So, you can't use it, for example, to mortgage the donor's property because you are short of cash for your own needs.